Travel is usually one of the largest uncontrolled areas of business spending and thus, it becomes crucial for an organization to take charge of its travel expense costs. While controlling costs are important, it’s also pertinent to identify and encourage intelligent options that streamline processes and improve efficiency and employee satisfaction.
Automation – Have control at your fingertips
Companies keen to control and track travel expenses are turning to automated travel expenses management.
Businesses using automated travel management products benefit in these ways:
- Monitor and control travel expenses in real-time
- Increase business productivity
- Manage business travel policy
- Enhance audit performance
An automated system can eliminate delays and reduce the reimbursement cycle from weeks to days. A full-fledged system with built-in workflows, travel rules, and policies will automatically check if the travel is valid as per your corporate policy.
Based on the best practices of successful organizations, here are some key steps to standardize and bring a new lease of life to your travel expense management.
Maintain clear policies
It’s important to let employees know about the corporate policies. You might make certain expenses acceptable and have others requiring prior approvals. Simple ‘dos’ and ‘don’ts’ will make the process easy and affordable. Your employees should also be aware of the time period to claim the expenses. Making it easier for them to keep the data error-free are your prerogatives as an official.
Track traveller compliance
Create a process within your organization so that senior executives get to access real-time data. This will help them track traveller compliance, figure out pending approvals, and ensure that specific policies are followed by travellers. In short, this will improve the overall rate of policy compliance.
Keep it organized
It is imperative that you make it possible for the travellers to record an expense as soon as it is incurred. It is very easy to lose receipts while travelling. So, employees should be able to digitally capture every business transaction receipt and upload it to the cloud immediately. The easier it is for employees to capture receipts and manage their expenses, the more compliant they are to promptly send their expense reports.
This ensures accuracy and accelerates claims processes.
An efficient travel expense management solution equips you to easily identify anomalies and process claims faster and better, leading to cost savings and happy employees.